Normalized rent coverage on the master lease-which includes Bally's Dover (Del.) Casino Resort Bally's Evansville (Ind.) Casino & Hotel Bally's Quad Cities Casino & Hotel in Rock Island, Ill. The master lease has an initial term of 15 years (with 14 years remaining) followed by four five-year renewals at the tenant's option.
Total consideration for the acquisition is $1 billion.īoth properties are expected to be added to the existing Bally's master lease between GLP and Bally's, with incremental rent of $76.3 million. Pursuant to the terms of the transaction, Bally's will immediately lease back both properties and continue to own, control and manage all the gaming operations of the facilities on an uninterrupted basis. has entered into a binding term sheet with GLP Capital, the operating partnership of Gaming and Leisure Properties, to acquire the real property assets of Bally's two Rhode Island casino properties-Bally's Twin River Lincoln Casino Resort and Bally's Tiverton Casino & Hotel-subject to customary regulatory approvals, with Lincoln also subject to lender consent.
